Further building on the bullish outside Monday and bullish outside pattern last Wednesday and we stated in our last report to clients, that we saw "bias for a bull break above 1.2563".
The break above 1.2563 sets a stronger base and further negates the previous topping structure from Q1 and April and leaves a more bullish tone for July (and Thursday).
We see an upside bias for 1.2600; break here aims for 1.2667.
But below 1.2536 opens risk down to 1.2481.
Short/ Intermediate-term Outlook - Upside Risks:
We now see a more positive tone with the bullish threat to 1.2667.
Above here targets 1.2835, 1.3000 and 1.3064
What Changes This? Below 1.2213/09 eases bull risks; through 1.2123 signals a neutral tone, only shifting negative below 1.1915.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
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